GENERAL KNOWLEDGE

Detailed explanation-1: -While similar to consumer market segmentation, segmenting industrial markets is different and more challenging because of greater complexity in buying processes, buying criteria, and the complexity of industrial products and services themselves.

Detailed explanation-2: -What is the difference between consumer market and industrial market? The consumer market is made up of companies selling products to individuals. On the contrary, the industrial market comprises companies selling products to other companies.

Detailed explanation-3: -There are three main types of segmentation bases. Each works well with different businesses and industries, so it’s essential to consider your options before deciding on the best for your needs. The three main types of market segmentation are demographic, psychographic, and behavioral.